Moneycontrol launches Analysts’ Call Tracker. A monthly special page that tells you which way analysts are leaning; the stock they are most bullish or bearish on, what they are upgrading or downgrades, and where they are betting against the market. Ignore this at your own risk!
Buzzing:SRF: The chemical company said profit after tax (PAT) increased by 54% YoY to Rs 608 crore in Q1FY23, backed by revenue and operating performance. Consolidated revenue grew by 44% YoY to Rs 3,895 crore in Q1FY23, and earnings before interest and tax (EBIT) increased 58% YoY to Rs 938 crore during the quarter.
Results on July 23
Sharekhan View on PVR:
We believe that PVR is well-poised to deliver strong growth in FY2023E given huge content pipeline, strong consumer demand, and success of dubbed Southern movies across the country.
Further, the advantage of premium locations and ability to maintain industry-leading pricing are likely to aid its growth momentum. Further, the proposed PVR-INOX Leisure merger is expected to bring in enhanced productivity, deeper reach in newer markets, and cost-optimisation opportunities. Hence, we maintain our buy rating on PVR with an unchanged price target of Rs 2,250.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The biggest positive for the bulls now is the complete reversal of FII action from relentless selling till July to sustained buying now, though only for 4 days in a row. This means the June low of 15813 is unlikely to be broken any time soon. The smart recovery in the Nifty Midcap by 12.73% in the last one month is an indication that this recovery in the market is widespread and, therefore, strong. At least, for the short run, the domestic investors who bought when the FIIs sold, have emerged smarter.
Market action in the near-term will be in response to the results of the big boys RIL, ICICI Bank, Infosys and Kotak Bank to be released soon. Results are likely to be positive for markets.
Meanwhile ECB has joined the DM central bank majors in sharply raising rates and sending out a very strong hawkish message. So long as the leading central banks continue to hike rates, markets will remain volatile.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on positive note on July 22 with Nifty above 16650.
At 09:16 IST, the Sensex was up 248.37 points or 0.45% at 55930.32, and the Nifty was up 74.10 points or 0.45% at 16679.40. About 1372 shares have advanced, 370 shares declined, and 94 shares are unchanged.
UPL, Kotak Mahindra Bank, Nestle India, Hindalco Industries, M&M were among major gainers on the Nifty, while losers were Infosys, ONGC, L&T and Apollo Hospitals.
NLC India board approves investment proposals:
NLC India Ltd on Thursday said its board has approved investment proposals worth Rs 14,944.91 crore for setting up power and mining projects in Tamil Nadu. The company, which comes under the coal ministry, plans to invest over Rs 43,000 crore in various power and mining projects.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Domestic market is likely to see a positive start Friday thanks to optimism in other world equity indices, as falling crude oil prices and easing bets on US Fed rate hike have provided investors a major relief, triggering a rally in the past few sessions.
In the domestic market, FIIs have started taking exposure to local shares, with the net purchase of Rs 1,799 crore in yesterday’s trade.
Technically, Nifty has support at 16300. In case Nifty’s major intraday support at 16471 mark collapses, the next pivot point could be found at the psychological 16300 mark. Bullish bias remains intact as long as psychological 16300 holds as support.
Rupee Opens:
Indian rupee opened marginally higher at 79.88 per dollar on Friday against previous close of 79.95.
Market at pre-open: Benchmark indices are trading firm in the pre-opening session.
At 09:03 IST, the Sensex was up 149 points or 0.27% at 55830.95, and the Nifty was up 40.90 points or 0.25% at 16646.20.
EoI for IDBI Bank’s privatisation likely within a month
The government is likely to float an expression of interest (EoI) within a month for privatising IDBI Bank, the private lender’s managing director and the chief executive officer (CEO) said on July 21.
“There were not strictly roadshows that were held; they were only held to understand transactions,” Rakesh Sharma told reporters at a conference call post-April-June quarterly results. “Some of the investors were interested in understanding how the transfer will happen etc. So, once the EoI is issued, the process will start and bids will be called. Within a month or so, this EoI is expected.”
As of now, the “status quo remains,” added Sharma. The transaction adviser and legal adviser are already appointed, he said. Read More
